Chainlink (LINK) is currently priced at $10.91, reflecting a significant decline of 6.15% over the last 24 hours. The asset has seen a daily trading range between $10.75 and $11.63, indicating short-term volatility but a bearish trend overall.

The trading volume stands at approximately $642.65 million, representing 8.32% of its market cap, which indicates active trading, albeit with a downward price momentum. The short-term moving averages are all below the current price, with the 8 SMA at $11.03 and the 13 SMA at $11.17, both showing negative trends that suggest resistance levels ahead.

The 1-hour RSI at 26 indicates oversold conditions, while the 7-day RSI at 41 suggests that the asset is nearing oversold territory but not yet fully there. In the past week, LINK has depreciated by approximately 11.44%, with more substantial losses of 20.28% over the past two weeks, emphasizing a bearish momentum in the medium term.

Historically, LINK reached an all-time high of $52.70 in May 2021, and the current price represents a considerable decline from that peak, highlighting the challenges faced by the asset. Given the substantial price drops and resistance levels indicated by the moving averages, the current trend suggests a lack of bullish momentum.

In conclusion, the current technical indicators and price actions signal a bearish outlook for Chainlink. Therefore, I recommend a Sell rating, as the asset is unlikely to regain upward momentum in the near term based on the provided data.